News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Silver Market Opening

Silver Clears Downtrend to Move Higher

August 18, 2020 - (Gold Market Wire) - Yesterday's late session post identified the downtrend Silver was staking out. It worked perfectly just a few hours later in the Asian opening - showing exactly where the market had to clear to follow through and rally - which it did.

target identified and cleared

It doesn't come much better than that. A nice, clearly identified, point - followed by the leap over the fence...and, of course, now - the follow through. If you can't trade that, find another career. And still, they say technicals don't work. But they do... just not every single hour of the day. Trends develop, charts need to be re-drawn every day, sometimes several times a day. The key is to identify formations on time - neither before (where the head fake occurs) or too far after (where they can't be of much use).

So the spec traders and the 'wild eyed gamblers', as Harry Schultz called them, have had a fun morning. The high at $28.36 gave them just enough room to get out for a quick profit.

Beyond a simple day trade, the market continues to perform well. Today's (European) a.m. action provides us with a nicely developing gap, so position takers can hold on to length established (hopefully) when our downtrend was cleared.

To recapitulate the past few sessions (please review previous articles), we bounced off of one horizontal point, were presented with the challenge of the second...cleared it; then took on the downtrend line - which we got over this a.m. - and rallied thereafter. Now we have a nice power uptrend to guide us, as shown below.

...new power uptrend

It's not rocket science... it's just trading.

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